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Uber Delivers Big Q2 Loss as Virus Puts Breaks on Ride Sharing

imageStock Markets5 hours ago (Aug 06, 2020 04:08PM ET)

(C) Reuters. Uber Tech Earnings Miss, Revenue Beats In Q2

By Yasin Ebrahim

Investing.com – Uber on Thursday reported a wider-than-expected loss as the stay-at-home measures to contain the Covid-19 pandemic wreaked havoc on its ride-sharing business.

Uber Technologies Inc (NYSE:UBER) shares lost 3.28% in after-hours trade following the report.

Uber Tech announced a loss per share of $1.02 on revenue of $2.24 billion. Analysts polled by Investing.com anticipated a loss of 80 cents a share on revenue of $2.09 billion.

Gross bookings fell 35% to $10.2 billion for the quarter compared to last year, missing analysts’ consensus of $10.50 billion, led by a 75% slump in gross booking for Uber’s rides, its core ride-sharing business.

Uber Eats, however, benefited from the pandemic-led surge in food delivery demand, with gross bookings up 106% for the quarter compared to last year.

Monthly active platform consumers, a tally of each consumer who completed a ride or ordered a meal, declined 44% to 55 million in the quarter.

Despite the wider loss, the company said it had continued confidence that it “will achieve adjusted EBITDA profitability before the end of 2021.”

Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar

Uber Delivers Big Q2 Loss as Virus Puts Breaks on Ride Sharing

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